When refinancing, does your current mortgage rate matter?

Yes and No... it really depends on "why" your refinancing.. if you're looking to refinance so you can lower your interest rate, then your current rate does play in.. The lender, in an attempt to discourage predatory lending, will be sure that there is a defined net tangible benefit to the borrower, meaning if the costs for the loan are not paid for by your monthly savings in a certain period of time (36-48 months), then the lender will not approve the loan.. if you're looking to do a cash out refinance, then even if your rate is going up, it can still be approved since your NTB is the cash you receive.. if you looking to do a refinance to avoid a foreclosure, then it's unlikely you will find any lender willing to lend to you... so, as you can see it's hard to answer your question since you really didn't give us many details.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

As a rule, most lenders will require a customer benefit to a refinance. This is to make sure the customer is not paying a bunch of fees for a refinance that really does not benefit them. Depending on the loan type you have, the amount owed, it is possible for a rate reduction of even 0.125% to be beneficial enough for a lender to approve. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

NO, your current rate doesn't matter to us. But the difference between your current rate and a new rate will matter to you... The bigger the gap, the better it is for you. Generally speaking, few people refinance is the gap is less than 1/2%, and almost everyone does if it is over 1%. The bottom line, is it makes sense for you - do it!

Your current rate matters when compared to your new rate to determine savings. There is no cap on how much your mortgage rate can change. When you refinance you are entering into a new loan agreement and paying off the old loan. If you would like more information to see if this makes sense, please contact me at tray@rtnfinancial.com or call me at 201-906-1353.

No and there is no cap on how much you can save. We are here in NJ. Contact us and we will let you know how much we can save you. 201-962-355 Team@BestMortgageOption.com Thanks, Michelle

Your current mortgage rate does matter as there is now a form called the "Net Tangible Benefit Worksheet" that must be filled out for each new loan being offered, in Minnesota at least. If you lender sees your interest rate increasing it may caution them to look into your loan further, and possibly reject it if they determine there are no benefits. However, with mortgage rates at historic lows no one is currently refinancing into a higher rate.

Good Morning William...Not sure I understand your question...When you have a chance, please call us at 856-853-1234...Thank you Ron

Good Morning Mr Smith...Your current rate should not affect your request for a new rate...Please contact us with any additional questions or conerns...856-853-1234Money@RonWohlfarth.com